Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products

Forms and Documents

Document Name	Status
2016 IC Renewal 3170_0034 SS Part B 02-26-16.pdf Supporting Statement B	2016-03-01
2016 IC Renewal SS Part A 02-26-2016.pdf Supporting Statement A	2016-03-01
Core_Adult_Profile_2011.pdf Supplementary Document	2013-03-27

IC Document Collections

IC ID	Document Title	Status
205117	Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products Other-Survey	Modified

ICR Details

OMB Control No: 3170-0034	ICR Reference No: 201603-3170-001
Status: Historical Active	Previous ICR Reference No: 201407-3170-003
Agency/Subagency: CFPB	Agency Tracking No:
Title: Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products
Type of Information Collection: Revision of a currently approved collection	Common Form ICR:  No
Type of Review Request: Regular
OIRA Conclusion Action: Approved without change	Conclusion Date: 05/17/2016
	Date Received in OIRA: 03/09/2016
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	05/31/2019	36 Months From Approved	05/31/2016
Responses	5,000	0	2,500
Time Burden (Hours)	1,500	0	833
Cost Burden (Dollars)	0	0	0

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Abstract: This information collection helps the Consumer Financial Protection Bureau establish a public opinion survey to measure and track consumer attitudes, beliefs, and behaviors as they navigate financial decisions. In this regard, it helps CFPB target its efforts and those of its partners to those areas that will have the most impact on both consumers and financial markets.

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Authorizing Statute(s): US Code: 12 USC 5493(d) Name of Law: The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments
60-day Notice:	Federal Register Citation:	Citation Date:
	80 FR 75999	12/07/2015
30-day Notice:	Federal Register Citation:	Citation Date:
	81 FR 12480	03/09/2016
Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
Consumer Attitudes, Understanding, and Behaviors with Respect to Financial Services and Products

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	5,000	2,500	0	2,500	0	0
Annual Time Burden (Hours)	1,500	833	0	667	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: Burden has increased due primarily to the increase in number of survey respondents annually (from 2,500 to 5,000).

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Annual Cost to Federal Government: $200,000

Does this IC contain surveys, censuses, or employ statistical methods? Yes Part B of Supporting Statement

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? Yes

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 03/09/2016

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